Customers Concerned about Security in CurrentC vs. Apple Debate

Customers Concerned about Security in CurrentC vs. Apple Debate

Customers are worried about the safety of their banking information

  • By Matt Holden
  • Oct 30, 2014

Customers Concerned about Security in CurrentC vs. Apple DebateAccording to a new study, two-thirds of consumers are concerned about their financial data being stolen at retailers. A lot of this concern comes from the proposal of CurrentC, a mobile payment system being proposed this week by more than 50 retailers.

These retailers, such as CVS, Rite Aid, Walmart and Best Buy, have turned down the ability to use the new Apple Pay technology in order to offer the new payment app in 2015. Consumers are upset that the app is linked to their individual bank accounts, meaning fraud could be much more damaging than Apple Pay which uses credit cards.

This came to a head this week when hackers broke into CurrentC and stole user emails. CurrentC will also be able to see what the shopper bought, as well as know their name, home address, email, phone number and location.

Two-thirds of consumers are concerned about the rise in credit card breaches, such as last year’s at Target and Home Depot, and have adjusted their shopping habits accordingly.

20% said they were more comfortable using digital wallets instead of credit cards, and 61% of the 18- to 24-year-old demographic said they would prefer to use cash in stores that have had security breaches. 49% of those 65 and older said they would switch to cash as well.

About the Author

Matt Holden is an Associate Content Editor for 1105 Media, Inc. He received his MFA and BA in journalism from Ball State University in Muncie, Indiana. He currently writes and edits for Occupational Health & Safety magazine, and Security Today.

Featured

  • Security Today Announces 2025 CyberSecured Award Winners

    Security Today is pleased to announce the 2025 CyberSecured Awards winners. Sixteen companies are being recognized this year for their network products and other cybersecurity initiatives that secure our world today. Read Now

  • Empowering and Securing a Mobile Workforce

    What happens when technology lets you work anywhere – but exposes you to security threats everywhere? This is the reality of modern work. No longer tethered to desks, work happens everywhere – in the office, from home, on the road, and in countless locations in between. Read Now

  • TSA Introduces New $45 Fee Option for Travelers Without REAL ID Starting February 1

    The Transportation Security Administration (TSA) announced today that it will refer all passengers who do not present an acceptable form of ID and still want to fly an option to pay a $45 fee to use a modernized alternative identity verification system, TSA Confirm.ID, to establish identity at security checkpoints beginning on February 1, 2026. Read Now

  • The Evolution of IP Camera Intelligence

    As the 30th anniversary of the IP camera approaches in 2026, it is worth reflecting on how far we have come. The first network camera, launched in 1996, delivered one frame every 17 seconds—not impressive by today’s standards, but groundbreaking at the time. It did something that no analog system could: transmit video over a standard IP network. Read Now

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

Most   Popular

New Products

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.